To permit the current refunding of certain tax-exempt bonds.

Amends the Revenue Act of 1987, with respect to tax-exempt bonds issued by Indian tribal governments, to declare that certain Internal Revenue Code provisions concerning such obligations shall not apply if: (1) such obligation is issued to refund an obligation issued on or before such date; (2) the average maturity date of issue is not later than the average maturity date of the obligation to be refunded by such issue; (3) the amount of the refunding obligation does not exceed the outstanding amount of the refunded obligation; and (4) the net proceeds of the refunding obligation are used to redeem the refunded obligation not later than 90 days after the date of the issuance of the refunding obligation.